In Name Only or in Deed as Well?:Corporate ESG Evaluation and Targeted Poverty Alleviation
The score of a company's ESG(Environmental,Social and Governance)evaluation depends on the social responsibility information it discloses.Targeted poverty alleviation provides evidence to assess the alignment between ESG ratings and actual social responsibility practices.Using a sample of A-share listed companies in China from 2016 to 2021,this study empirically examines the impact of ESG ratings on participation and investment in targeted poverty alleviation,employing methods such as instrumental variables and propensity score matching(PSM).The findings reveal the strategic motivations behind companies'active engagement in social responsibility.The results show that:Companies with higher ESG ratings are more likely to actively participate in and invest targeted poverty alleviation projects.This demonstrates that the fulfillment of poverty alleviation responsibilities by companies aligns with their ESG evaluations of social responsibility.This effect is more pronounced in well-performing companies and state-owned enterprises.Participation in targeted poverty alleviation activities by listed companies reduces the risk of stock price crashes,reflecting strategic motivational considerations for corporate engagement in social responsibility fulfilment.Further research reveals that the relationship between a company's ESG ratings and actual investment is not significant in extremely poor counties,highlighting the inadequacy of corporate efforts in these areas.The conclusions reveal the real connection between ESG evaluations and actual social responsibility practices,and enrich the literature on the motivations and economic consequences of social responsibility.It has important practical implications for promoting corporate social responsibility,improving rural revitalization strategies,and advancing a Chinese-style modernization that aims for common prosperity.
NETL
NSTL
万方数据
